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TOTAL-Sinochem Fuels Co., Ltd. Is Established

Date:2005-06-18 Source:Sinochem Group

On May 31, the inauguration ceremony of TOTAL-Sinochem Fuels Co., Ltd. was launched in Beijing Chengjian Tower, marking the official establishment of the company.

Vice President Li Hui of Sinochem and Vice President Vertier of TOTAL opened the totem for the joint venture and delivered speeches respectively, expressing support and prospects on the joint venture.

On October 9, 2004, Sinochem and TOTAL signed the joint venture agreement according to which both sides would make joint investment to develop the gas station network in the Chinese market. Sinochem holds 51% of shares in the joint venture and TOTAL holds the rest 49%.